– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Expected fiscal 2022 revenue growth of 15% to 18% and adjusted EPS growth of 19% to 27%
ROCKFORD, Mich.--(BUSINESS WIRE)--Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full-year ended January 1, 2022. The Company also provided its initial fiscal 2022 outlook.
“We are pleased that the Company managed through a challenging supply chain to deliver nearly 25% revenue growth in the fourth quarter,” said Brendan Hoffman, Wolverine Worldwide’s President and Chief Executive Officer. “I am thrilled to be leading the organization at such a pivotal time. Our strong portfolio of iconic brands combined with the operational foundation built over the last decade positions us to capitalize on very favorable consumer and category trends. Excluding Sweaty Betty, fiscal 2021 revenue exceeded 2019 which speaks to our team’s resolve and tenacity in overcoming the impact of COVID-19. We expect to further unlock the growth potential of our brands as we deliver on our fiscal 2022 outlook of mid to high-teens revenue growth.”
FOURTH-QUARTER 2021 PERFORMANCE
On August 2, 2021, Wolverine Worldwide acquired women’s activewear brand Sweaty Betty, a digitally-native, premium global apparel brand, which will continue to fuel growth and enhance the Company’s fast-growing eCommerce business. Unless otherwise stated, the following 2021 fourth-quarter and full-year results include Sweaty Betty; the prior year 2020 quarter and full-year periods do not.
FULL-YEAR 2021 PERFORMANCE
“We are very encouraged by our fourth quarter and full-year performance and momentum, despite the ongoing impact of the pandemic on our business. Revenue and earnings exceeded expectations entering the year," said Mike Stornant, Senior Vice President and Chief Financial Officer. "As we transition to 2022, demand remains at historic levels and the progress made in 2021 to improve flow of goods and our inventory position gives us confidence in our outlook for high-teens revenue growth in 2022.”
FULL-YEAR 2022 OUTLOOK
The Company is providing its initial revenue and earnings outlook for the full year, which is summarized below.
This outlook assumes no meaningful deterioration of current market conditions related to the COVID-19 pandemic during the remainder of 2022.
NON-GAAP FINANCIAL MEASURES
Measures referred to in this release as “adjusted” financial results are non-GAAP measures that exclude environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including air freight costs, credit loss expenses, severance expenses and other related costs, reorganization expenses and debt extinguishment costs. Measures referred to in this release as “organic” financial results are non-GAAP measures that exclude the results of Sweaty Betty. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance.
The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. The organic financial results are used by management to, and allow investors to, evaluate the aggregate operating performance of the Company’s brands other than Sweaty Betty. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. EST to discuss these results and current business trends. The conference call will be broadcast live and accessible under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days.
ABOUT WOLVERINE WORLDWIDE
Founded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The company’s portfolio includes Merrell®, Saucony®, Sweaty Betty®, Sperry®, Hush Puppies®, Wolverine®, Keds®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 130 years, the company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com or visit us on Facebook, LinkedIn, and Instagram.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding the Company’s expectations regarding: its outlook for fiscal year 2022 results including revenue, reported gross margin, reported and adjusted operating margin, effective tax rate and reported and adjusted earnings per share as well as the Company's expectations regarding the continuing effect of the COVID-19 pandemic in 2022 and that Sweaty Betty will fuel growth and enhance the Company's eCommerce business. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: the effects of the COVID-19 pandemic on the Company’s business, operations, financial results and liquidity, including the duration and magnitude of such effects, which will depend on numerous evolving factors that the Company cannot currently accurately predict or assess, including: the duration and scope of the pandemic; the negative impact on global and regional markets, economies and economic activity, including the duration and magnitude of its impact on unemployment rates, consumer discretionary spending and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic; the effects of the pandemic, including all of the foregoing, on the Company’s distributors, manufacturers, suppliers, joint venture partners, wholesale customers and other counterparties, and how quickly economies and demand for the Company’s products recover after the pandemic subsides; changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company’s products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; supply chain or other capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s consumer-direct operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; changes in general economic conditions and/or the credit markets on the Company’s distributors, suppliers and retailers; increases in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the potential breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; problems affecting the Company’s supply chain or distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other intangibles; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements.
WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except earnings per share) |
|||||||||||||||
|
Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
January 1,
|
|
January 2,
|
|
January 1,
|
|
January 2,
|
||||||||
Revenue |
$ |
635.6 |
|
|
$ |
509.6 |
|
|
$ |
2,414.9 |
|
|
$ |
1,791.1 |
|
Cost of goods sold |
|
373.2 |
|
|
|
305.0 |
|
|
|
1,385.0 |
|
|
|
1,055.5 |
|
Gross profit |
|
262.4 |
|
|
|
204.6 |
|
|
|
1,029.9 |
|
|
|
735.6 |
|
Gross margin |
|
41.3 |
% |
|
|
40.1 |
% |
|
|
42.6 |
% |
|
|
41.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
226.6 |
|
|
|
182.2 |
|
|
|
817.8 |
|
|
|
639.4 |
|
Impairment of intangible assets |
|
— |
|
|
|
222.2 |
|
|
|
— |
|
|
|
222.2 |
|
Environmental and other related costs, net of recoveries |
|
44.5 |
|
|
|
4.3 |
|
|
|
56.4 |
|
|
|
11.1 |
|
Operating expenses |
|
271.1 |
|
|
|
408.7 |
|
|
|
874.2 |
|
|
|
872.7 |
|
Operating expenses as a % of revenue |
|
42.7 |
% |
|
|
80.2 |
% |
|
|
36.2 |
% |
|
|
48.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating profit (loss), net |
|
(8.7 |
) |
|
|
(204.1 |
) |
|
|
155.7 |
|
|
|
(137.1 |
) |
Operating margin |
|
(1.4 |
) % |
|
|
(40.1 |
) % |
|
|
6.4 |
% |
|
|
(7.7 |
) % |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
8.5 |
|
|
|
12.5 |
|
|
|
37.4 |
|
|
|
43.6 |
|
Debt extinguishment and other costs |
|
0.3 |
|
|
|
5.3 |
|
|
|
34.3 |
|
|
|
5.5 |
|
Other expense (income), net |
|
1.2 |
|
|
|
0.8 |
|
|
|
3.7 |
|
|
|
(2.1 |
) |
Total other expenses |
|
10.0 |
|
|
|
18.6 |
|
|
|
75.4 |
|
|
|
47.0 |
|
Earnings (loss) before income taxes |
|
(18.7 |
) |
|
|
(222.7 |
) |
|
|
80.3 |
|
|
|
(184.1 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
(3.7 |
) |
|
|
(51.5 |
) |
|
|
13.3 |
|
|
|
(45.5 |
) |
Effective tax rate |
|
19.5 |
% |
|
|
23.1 |
% |
|
|
16.6 |
% |
|
|
24.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) |
|
(15.0 |
) |
|
|
(171.2 |
) |
|
|
67.0 |
|
|
|
(138.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Less: net loss attributable to noncontrolling interests |
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(1.6 |
) |
|
|
(1.7 |
) |
Net earnings (loss) attributable to Wolverine World Wide, Inc. |
$ |
(14.6 |
) |
|
$ |
(170.7 |
) |
|
$ |
68.6 |
|
|
$ |
(136.9 |
) |
Diluted earnings (loss) per share |
$ |
(0.18 |
) |
|
$ |
(2.10 |
) |
|
$ |
0.81 |
|
|
$ |
(1.70 |
) |
|
|
|
|
|
|
|
|
||||||||
Supplemental information: |
|
|
|
|
|
|
|
||||||||
Net earnings (loss) used to calculate diluted earnings (loss) per share |
$ |
(14.7 |
) |
|
$ |
(170.9 |
) |
|
$ |
67.5 |
|
|
$ |
(137.7 |
) |
Shares used to calculate diluted earnings (loss) per share |
|
82.3 |
|
|
|
81.2 |
|
|
|
83.3 |
|
|
|
81.0 |
|
WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) |
|||||
|
January 1,
|
|
January 2,
|
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
161.7 |
|
$ |
347.4 |
Accounts receivables, net |
|
319.6 |
|
|
268.3 |
Inventories, net |
|
365.5 |
|
|
243.1 |
Other current assets |
|
56.9 |
|
|
45.4 |
Total current assets |
|
903.7 |
|
|
904.2 |
Property, plant and equipment, net |
|
129.0 |
|
|
124.6 |
Lease right-of-use assets |
|
138.2 |
|
|
142.5 |
Goodwill and other indefinite-lived intangibles |
|
1,274.7 |
|
|
824.7 |
Other noncurrent assets |
|
140.8 |
|
|
141.4 |
Total assets |
$ |
2,586.4 |
|
$ |
2,137.4 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||
Accounts payable and other accrued liabilities |
$ |
486.3 |
|
$ |
362.0 |
Lease liabilities |
|
38.3 |
|
|
34.0 |
Current maturities of long-term debt |
|
10.0 |
|
|
10.0 |
Borrowings under revolving credit agreements |
|
225.0 |
|
|
— |
Total current liabilities |
|
759.6 |
|
|
406.0 |
Long-term debt |
|
731.8 |
|
|
712.5 |
Lease liabilities, noncurrent |
|
118.2 |
|
|
130.3 |
Other noncurrent liabilities |
|
332.4 |
|
|
315.6 |
Stockholders' equity |
|
644.4 |
|
|
573.0 |
Total liabilities and stockholders' equity |
$ |
2,586.4 |
|
$ |
2,137.4 |
WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
|||||||
|
Fiscal Year Ended |
||||||
|
January 1,
|
|
January 2,
|
||||
OPERATING ACTIVITIES: |
|
|
|
||||
Net earnings (loss) |
$ |
67.0 |
|
|
$ |
(138.6 |
) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
33.2 |
|
|
|
32.8 |
|
Deferred income taxes |
|
(14.7 |
) |
|
|
(56.9 |
) |
Stock-based compensation expense |
|
38.1 |
|
|
|
28.9 |
|
Pension and SERP expense |
|
14.0 |
|
|
|
8.5 |
|
Debt extinguishment and other costs |
|
5.8 |
|
|
|
5.5 |
|
Impairment of intangible assets |
|
— |
|
|
|
222.2 |
|
Environmental and other related costs, net of cash payments and recoveries received |
|
33.7 |
|
|
|
31.5 |
|
Other |
|
(1.9 |
) |
|
|
(12.7 |
) |
Changes in operating assets and liabilities |
|
(88.4 |
) |
|
|
187.9 |
|
Net cash provided by operating activities |
|
86.8 |
|
|
|
309.1 |
|
|
|
|
|
||||
INVESTING ACTIVITIES: |
|
|
|
||||
Business acquisition, net of cash acquired |
|
(417.4 |
) |
|
|
(5.5 |
) |
Additions to property, plant and equipment |
|
(17.6 |
) |
|
|
(10.3 |
) |
Investment in joint ventures |
|
— |
|
|
|
(3.5 |
) |
Proceeds from company-owned insurance policy liquidations |
|
— |
|
|
|
26.8 |
|
Other |
|
(2.3 |
) |
|
|
(1.4 |
) |
Net cash provided by (used in) investing activities |
|
(437.3 |
) |
|
|
6.1 |
|
|
|
|
|
||||
FINANCING ACTIVITIES: |
|
|
|
||||
Payments under revolving credit agreements |
|
(435.0 |
) |
|
|
(898.0 |
) |
Borrowings under revolving credit agreements |
|
660.0 |
|
|
|
538.0 |
|
Borrowings of long-term debt |
|
750.0 |
|
|
|
471.0 |
|
Payments on long-term debt |
|
(730.0 |
) |
|
|
(183.5 |
) |
Payments of debt issuance and debt extinguishment costs |
|
(10.4 |
) |
|
|
(6.4 |
) |
Termination of interest rate swap |
|
— |
|
|
|
(7.3 |
) |
Cash dividends paid |
|
(33.5 |
) |
|
|
(33.6 |
) |
Purchase of common stock for treasury |
|
(39.6 |
) |
|
|
(21.0 |
) |
Employee taxes paid under stock-based compensation plans |
|
(14.1 |
) |
|
|
(24.8 |
) |
Proceeds from the exercise of stock options |
|
17.1 |
|
|
|
9.8 |
|
Contributions from noncontrolling interests |
|
4.8 |
|
|
|
1.8 |
|
Net cash provided by (used in) financing activities |
|
169.3 |
|
|
|
(154.0 |
) |
|
|
|
|
||||
Effect of foreign exchange rate changes |
|
(4.5 |
) |
|
|
5.6 |
|
Increase (decrease) in cash and cash equivalents |
|
(185.7 |
) |
|
|
166.8 |
|
|
|
|
|
||||
Cash and cash equivalents at beginning of the year |
|
347.4 |
|
|
|
180.6 |
|
Cash and cash equivalents at end of the year |
$ |
161.7 |
|
|
$ |
347.4 |
|
The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:
WOLVERINE WORLD WIDE, INC. |
||||||||||||||||||
Q4 2021 RECONCILIATION TABLES |
||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis
|
|
Foreign
|
|
Constant
|
|
GAAP Basis
|
|
Constant
|
|
Reported
|
|||||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wolverine Michigan Group |
$ |
322.0 |
|
$ |
(0.1 |
) |
|
$ |
321.9 |
|
$ |
298.5 |
|
7.8 |
% |
|
7.9 |
% |
Wolverine Boston Group |
|
218.1 |
|
|
(0.4 |
) |
|
|
217.7 |
|
|
197.6 |
|
10.2 |
% |
|
10.4 |
% |
Other |
|
95.5 |
|
|
— |
|
|
|
95.5 |
|
|
13.5 |
|
607.4 |
% |
|
607.4 |
% |
Total |
$ |
635.6 |
|
$ |
(0.5 |
) |
|
$ |
635.1 |
|
$ |
509.6 |
|
24.6 |
% |
|
24.7 |
% |
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED ORGANIC REVENUE* (Unaudited) (In millions) |
|||||||||
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||||
|
|
|
|
|
|||||
| Revenue - Fiscal 2021 Q4 | $ |
635.6 |
|
$ |
(78.3 |
) |
|
$ |
557.3 |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED eCOMMERCE REVENUE GROWTH TO ADJUSTED ORGANIC eCOMMERCE REVENUE GROWTH* (Unaudited) |
||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||
|
|
|
|
|
|
|||
eCommerce Revenue Growth - Fiscal 2021 Q4 |
58.3 |
% |
|
45.6 |
% |
|
12.7 |
% |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN* AND ADJUSTED ORGANIC GROSS MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2021 Q4 |
$ |
262.4 |
|
|
$ |
11.0 |
|
$ |
273.4 |
|
|
$ |
(42.0 |
) |
|
$ |
231.4 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
41.3 |
% |
|
|
|
|
43.0 |
% |
|
|
|
|
41.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2020 Q4 |
$ |
204.6 |
|
|
$ |
6.3 |
|
$ |
210.9 |
|
|
$ |
— |
|
|
$ |
210.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
40.1 |
% |
|
|
|
|
41.4 |
% |
|
|
|
|
41.4 |
% |
|||
(1) |
Q4 2021 adjustments reflect $4.1 million of air freight and other charges related to production and shipping delays caused by the COVID-19 pandemic and $6.9 million of costs associated with the acquisition of Sweaty Betty®. Q4 2020 adjustments reflect expenses related to the COVID-19 pandemic including $3.2 million of inventory charges and $3.1 million of air freight charges related to production delays. |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Adjustment (1) |
|
As Adjusted |
||||
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2021 Q4 |
$ |
271.1 |
|
$ |
(46.8 |
) |
|
$ |
224.3 |
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2020 Q4 |
$ |
408.7 |
|
$ |
(231.3 |
) |
|
$ |
177.4 |
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2019 Q4 |
$ |
235.1 |
|
$ |
(66.5 |
) |
|
$ |
168.6 |
(1) |
Q4 2021 adjustments reflect $44.4 million of environmental and other related costs net of recoveries and $2.4 million of costs associated with the acquisition of Sweaty Betty®. Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $4.8 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs and $0.5 million of other related costs, and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and related costs net of a settlement and $2.1 million of costs related to business development and reorganization costs. |
RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* AND ADJUSTED ORGANIC OPERATING MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2021 Q4 |
$ |
(8.7 |
) |
|
$ |
57.8 |
|
$ |
49.1 |
|
|
$ |
(9.3 |
) |
|
$ |
39.8 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(1.4 |
) % |
|
|
|
|
7.7 |
% |
|
|
|
|
7.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2020 Q4 |
$ |
(204.1 |
) |
|
$ |
237.6 |
|
$ |
33.5 |
|
|
$ |
— |
|
|
$ |
33.5 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(40.1 |
) % |
|
|
|
|
6.6 |
% |
|
|
|
|
6.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2019 Q4 |
$ |
(5.2 |
) |
|
$ |
66.5 |
|
$ |
61.3 |
|
|
$ |
— |
|
|
$ |
61.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(0.9 |
) % |
|
|
|
|
10.1 |
% |
|
|
|
|
10.1 |
% |
|||
(1) |
Q4 2021 adjustments reflect $44.4 million of environmental and other related costs net of recoveries, $9.3 million of costs associated with the acquisition of Sweaty Betty® and $4.1 million of air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic. Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $11.1 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs, $3.2 million of inventory charges, $3.1 million of air freight charges related to production delays and $0.5 million of other related costs and $4.3 million of environmental and other related costs net of recoveries, Q4 2019 adjustments reflect $64.4 million of environmental and related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED INVENTORY TO ADJUSTED ORGANIC INVENTORY* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
||||
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2021 Q4 |
$ |
365.5 |
|
$ |
(47.1 |
) |
|
$ |
318.4 |
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2020 Q4 |
$ |
243.1 |
|
$ |
— |
|
|
$ |
243.1 |
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2019 Q4 |
$ |
348.2 |
|
$ |
— |
|
|
$ |
348.2 |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® inventories included in the consolidated condensed balance sheet. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Foreign
|
|
As Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 Q4 |
$ |
(0.18 |
) |
|
$ |
0.59 |
|
$ |
0.41 |
|
$ |
(0.02 |
) |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 Q4 |
$ |
(2.10 |
) |
|
$ |
2.31 |
|
$ |
0.21 |
|
|
|
|
|||
(1) |
Q4 2021 adjustments reflect costs associated with the acquisition of Sweaty Betty®, air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic, non-cash impairment related to one of the Company's joint ventures and environmental and other related costs net of recoveries. Q4 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS AND ADJUSTED ORGANIC DILUTED EPS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 Q4 |
$ |
(0.18 |
) |
|
$ |
0.59 |
|
$ |
0.41 |
|
$ |
(0.10 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 Q4 |
$ |
(2.10 |
) |
|
$ |
2.31 |
|
$ |
0.21 |
|
$ |
— |
|
|
$ |
0.21 |
(1) |
Q4 2021 adjustments reflect costs associated with the acquisition of Sweaty Betty®, air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic, non-cash impairment related to one of the Company's joint ventures and environmental and other related costs net of recoveries. Q4 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
2021 FULL-YEAR RECONCILIATION TABLES |
||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis
|
|
Foreign
|
|
Constant
|
|
GAAP Basis
|
|
Constant
|
|
Reported
|
|||||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wolverine Michigan Group |
$ |
1,298.9 |
|
|
(14.4 |
) |
|
$ |
1,284.5 |
|
$ |
1,051.0 |
|
22.2 |
% |
|
23.6 |
% |
Wolverine Boston Group |
|
935.8 |
|
|
(10.9 |
) |
|
|
924.9 |
|
|
696.0 |
|
32.9 |
|
|
34.5 |
|
Other |
|
180.2 |
|
|
— |
|
|
|
180.2 |
|
|
44.1 |
|
308.6 |
|
|
308.6 |
|
Total |
$ |
2,414.9 |
|
$ |
(25.3 |
) |
|
$ |
2,389.6 |
|
$ |
1,791.1 |
|
33.4 |
% |
|
34.8 |
% |
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED ORGANIC REVENUE* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
||||
|
|
|
|
|
|
||||
Revenue - Fiscal 2021 |
$ |
2,414.9 |
|
$ |
(117.4 |
) |
|
$ |
2,297.5 |
(1) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED eCOMMERCE REVENUE GROWTH TO ADJUSTED ORGANIC eCOMMERCE REVENUE GROWTH* (Unaudited) |
||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||
|
|
|
|
|
|
|||
eCommerce Revenue Growth - Fiscal 2021 |
39.7 |
% |
|
21.4 |
% |
|
18.3 |
% |
(1) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2021 |
$ |
1,029.9 |
|
|
$ |
35.2 |
|
$ |
1,065.1 |
|
|
$ |
(67.8 |
) |
|
$ |
997.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
42.6 |
% |
|
|
|
|
44.1 |
% |
|
|
|
|
43.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2020 |
$ |
735.6 |
|
|
$ |
8.3 |
|
$ |
743.9 |
|
|
$ |
— |
|
|
$ |
743.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
41.1 |
% |
|
|
|
|
41.5 |
% |
|
|
|
|
41.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2019 |
$ |
923.8 |
|
|
$ |
0.5 |
|
$ |
924.3 |
|
|
$ |
— |
|
|
$ |
924.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
40.6 |
% |
|
|
|
|
40.6 |
% |
|
|
|
|
40.6 |
% |
|||
(1) |
2021 adjustments reflect $26.1 million of air freight and other charges related to production and shipping delays caused by the COVID-19 pandemic and $9.1 million of costs associated with the acquisition of Sweaty Betty®. 2020 adjustments reflect expenses related to the COVID-19 pandemic including $4.4 million of inventory charges and $3.9 million of air freight charges related to production delays. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit (Loss) - Fiscal 2021 |
$ |
155.7 |
|
|
$ |
101.2 |
|
$ |
256.9 |
|
|
$ |
(11.2 |
) |
|
$ |
245.7 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
6.4 |
% |
|
|
|
|
10.6 |
% |
|
|
|
|
10.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit (Loss) - Fiscal 2020 |
$ |
(137.1 |
) |
|
$ |
271.0 |
|
$ |
133.9 |
|
|
$ |
— |
|
|
$ |
133.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(7.7 |
) % |
|
|
|
|
7.5 |
% |
|
|
|
|
7.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2019 |
$ |
171.0 |
|
|
$ |
91.6 |
|
$ |
262.6 |
|
|
$ |
— |
|
|
$ |
262.6 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
7.5 |
% |
|
|
|
|
11.5 |
% |
|
|
|
|
11.5 |
% |
|||
(1) |
2021 adjustments reflect $56.4 million of environmental and other related costs net of recoveries, $26.1 million of air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic and $18.7 million of costs associated with the acquisition of Sweaty Betty®. 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $37.7 million of expenses related to the COVID-19 pandemic including $10.9 million of severance expenses, $8.5 million of credit loss expenses, $4.9 million of inventory charges, $3.9 million of air freight charges related to production delays, $3.6 million of facility exit costs and $5.9 million of other costs, and $11.1 million of environmental and other related costs net of recoveries. 2019 adjustments reflect $83.5 million of environmental and other related costs net of a settlement and $8.1 million of other costs including business development costs and reorganization costs. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Foreign
|
|
As Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 |
$ |
0.81 |
|
|
$ |
1.28 |
|
$ |
2.09 |
|
$ |
(0.04 |
) |
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 |
$ |
(1.70 |
) |
|
$ |
2.63 |
|
$ |
0.93 |
|
|
|
|
|||
(1) |
2021 adjustments reflect debt extinguishment costs, costs associated with the acquisition of Sweaty Betty®, air freight and other costs related to production and shipping delays caused by the COVID-19 pandemic, environmental and other related costs net of recoveries and non-cash impairment related to one of the Company's joint ventures. 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS AND ADJUSTED ORGANIC DILUTED EPS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 |
$ |
0.81 |
|
|
$ |
1.28 |
|
$ |
2.09 |
|
$ |
(0.11 |
) |
|
$ |
1.98 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 |
$ |
(1.70 |
) |
|
$ |
2.63 |
|
$ |
0.93 |
|
$ |
— |
|
|
$ |
0.93 |
(1) |
2021 adjustments reflect debt extinguishment costs, costs associated with the acquisition of Sweaty Betty®, air freight and other costs related to production and shipping delays caused by the COVID-19 pandemic, environmental and other related costs net of recoveries and non-cash impairment related to one of the Company's joint ventures. 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
2022 GUIDANCE RECONCILIATION TABLES |
|||||
RECONCILIATION OF REPORTED OPERATING MARGIN GUIDANCE TO ADJUSTED OPERATING MARGIN GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share) |
|||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
|
|
|
|
|
Operating Margin - Fiscal 2022 Full Year |
10.2 % |
|
0.8 % |
|
11.0 % |
|
|
|
|
|
|
Dilutive EPS - Fiscal 2022 Full Year |
$ 2.30 - $2.45 |
|
$ 0.20 |
|
$ 2.50 - $2.65 |
|
|
|
|
|
|
Fiscal 2022 Full Year Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$193 - $206 |
|
$ 16.0 |
|
$209 - $222 |
|
|
|
|
|
|
Net Earnings used to calculate diluted earnings per share |
$190 - $203 |
|
$ 16.0 |
|
$206 - $219 |
|
|
|
|
|
|
Shares used to calculate diluted earnings per share |
82.6 |
|
|
|
82.6 |
(1) |
2022 adjustments reflect estimated environmental and other related costs net of recoveries and estimated Sweaty Betty® integration costs. |
* To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if, costs associated with the acquisition of the Sweaty Betty® brand, environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including air freight costs, credit loss expenses, severance expenses and other related costs, reorganization expenses and debt extinguishment costs were excluded. The Company also describes what certain financial measures would have been if the previously described financial measures also excluded the results of Sweaty Betty®. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in the Company's business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.
The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results.
Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above.
Ожидаемый рост выручки в 2022 финансовом году с 15% до 18% и скорректированный рост прибыли на акцию с 19% до 27%.
РОКФОРД, штат Мичиган — (BUSINESS WIRE) — Wolverine World Wide, Inc. (NYSE: WWW) сегодня сообщила о финансовых результатах за четвертый квартал и полный год, закончившийся 1 января 2022 года. Компания также представила свой первоначальный прогноз на 2022 финансовый год.
«Мы рады, что компании удалось благодаря сложной цепочке поставок обеспечить почти 25-процентный рост выручки в четвертом квартале», — сказал Брендан Хоффман, президент и главный исполнительный директор Wolverine Worldwide. «Я очень рад руководить организацией в такое ключевое время. Наш сильный портфель знаковых брендов в сочетании с операционной основой, созданной за последнее десятилетие, позволяет нам извлекать выгоду из очень благоприятных потребительских тенденций и тенденций в категориях. За исключением Sweaty Betty, выручка за 2021 финансовый год превысила показатель 2019 года, что говорит о решимости и упорстве нашей команды в преодолении последствий COVID-19. Мы рассчитываем еще больше раскрыть потенциал роста наших брендов, поскольку мы реализуем наш прогноз на 2022 финансовый год о росте доходов от среднего до старшего подросткового возраста».
показатели за четвертый квартал 2021 года
2 августа 2021 года Wolverine Worldwide приобрела бренд женской спортивной одежды Sweaty Betty, глобальный бренд одежды премиум-класса с цифровыми технологиями, который будет продолжать стимулировать рост и укреплять быстрорастущий бизнес компании в области электронной коммерции. Если не указано иное, следующие результаты за четвертый квартал и весь год за 2021 год включают Sweaty Betty; квартальные и полные периоды предыдущего 2020 года - нет.
производительность за весь 2021 год
«Мы очень воодушевлены нашими результатами и динамикой в четвертом квартале и за весь год, несмотря на продолжающееся влияние пандемии на наш бизнес. Выручка и прибыль превзошли ожидания в начале года, — сказал Майк Сторнант, старший вице-президент и финансовый директор. мы уверены в наших прогнозах роста доходов старшеклассников в 2022 году».
полный прогноз на 2022 год
Компания предоставляет свой первоначальный прогноз доходов и доходов на весь год, который кратко изложен ниже.
Этот прогноз предполагает отсутствие значительного ухудшения текущих рыночных условий, связанных с пандемией COVID-19, в течение оставшейся части 2022 года.
финансовые показатели non-gaap
Показатели, именуемые в этом выпуске «скорректированными» финансовыми результатами, представляют собой показатели, не предусмотренные GAAP, которые исключают экологические и другие связанные с этим расходы за вычетом возмещения расходов, связанных с пандемией COVID-19, включая расходы на авиаперевозки, расходы на кредитные убытки, выходные расходы и другие связанные с этим расходы. расходы, расходы на реорганизацию и расходы на погашение задолженности. Показатели, упоминаемые в этом выпуске как «органические» финансовые результаты, не являются показателями GAAP, которые исключают результаты Sweaty Betty. Компания также представляет информацию в постоянной валюте, которая не является показателем GAAP и исключает влияние колебаний обменных курсов иностранных валют. Компания рассчитывает в постоянной валюте путем конвертации финансовых результатов в местной валюте за текущий период с использованием обменных курсов за предыдущий период и сравнения этих скорректированных сумм с отчетными результатами Компании за текущий период. Компания считает, что каждый из этих показателей, не предусмотренных GAAP, предоставляет ценную дополнительную информацию о результатах ее деятельности, соответствующую тому, как Компания оценивает результаты деятельности.
Компания представила сверку каждого из вышеуказанных финансовых показателей, не предусмотренных GAAP, с наиболее сопоставимым финансовым показателем GAAP. Компания считает, что эти показатели, не относящиеся к GAAP, предоставляют полезную информацию как руководству, так и инвесторам, поскольку они повышают сопоставимость результатов текущего периода с результатами предыдущего периода за счет корректировки некоторых статей, которые могут не отражать основные операционные результаты, и позволяют лучше определить тенденции в наш бизнес. Скорректированные финансовые результаты используются руководством и позволяют инвесторам оценивать операционную деятельность Компании на сопоставимой основе. Органические финансовые результаты используются руководством и позволяют инвесторам оценивать совокупную операционную эффективность брендов Компании, отличных от Sweaty Betty. Руководство не рассматривает, и инвесторы не должны рассматривать такие финансовые показатели, не относящиеся к GAAP, отдельно от финансовой информации, подготовленной в соответствии с GAAP, или вместо нее.
информация о доходах
Компания проведет телефонную конференцию сегодня в 8:30 утра по восточному поясному времени, чтобы обсудить эти результаты и текущие тенденции в бизнесе. Телефонная конференция будет транслироваться в прямом эфире и доступна на вкладке «Отношения с инвесторами» на сайте www.wolverineworldwide.com. Повтор телефонной конференции будет доступен на веб-сайте Компании в течение приблизительно 30 дней.
о росомахе во всем мире
Компания Wolverine World Wide, Inc. (NYSE:WWW), основанная в 1883 году с верой в возможности, является одним из ведущих мировых продавцов и лицензиаров фирменной повседневной обуви и одежды для активного образа жизни, работы, спорта на открытом воздухе, спортивной, детской и форменной обуви и одежды. . Благодаря разнообразному портфолио широко известных брендов наша продукция призвана расширять возможности, вовлекать и вдохновлять наших потребителей на каждом этапе пути. Портфолио компании включает Merrell®, Saucony®, Sweaty Betty®, Sperry®, Hush Puppies®, Wolverine®, Keds®, Chaco®, Bates®, HYTEST® и Stride Rite®. Wolverine Worldwide также является глобальным лицензиатом обуви популярных брендов Cat® и Harley-Davidson®. Основанная в Рокфорде, штат Мичиган, более 130 лет продукция компании продается ведущими розничными торговцами в США и по всему миру примерно в 170 странах и территориях. Для получения дополнительной информации посетите наш веб-сайт www.wolverineworldwide.com или посетите нас в Facebook, LinkedIn и Instagram.
прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления, в том числе заявления относительно ожиданий Компании в отношении: ее прогноза на результаты 2022 финансового года, включая выручку, заявленную валовую прибыль, заявленную и скорректированную операционную прибыль, эффективную налоговую ставку и заявленную и скорректированную прибыль на акцию, а также ожидания компании в отношении продолжающегося воздействия пандемии COVID-19 в 2022 году и того, что Sweaty Betty будет способствовать росту и расширению бизнеса электронной коммерции компании. Кроме того, такие слова, как «оценивает», «предвидит», «полагает», «прогнозирует», «шаг», «планирует», «прогнозирует», «сосредоточенный», «проектирует», «прогноз», «вероятно, «ожидает», «намеревается», «должен», «будет», «уверен», варианты таких слов и подобные выражения предназначены для обозначения прогнозных заявлений. Эти заявления не являются гарантией будущих результатов и связаны с определенными рисками, неопределенностями и предположениями («Факторы риска»), которые трудно предсказать в отношении сроков, степени, вероятности и степени возникновения. Факторы риска включают, среди прочего: влияние пандемии COVID-19 на бизнес, операции, финансовые результаты и ликвидность Компании, включая продолжительность и масштабы таких последствий, которые будут зависеть от многочисленных развивающихся факторов, которые Компания в настоящее время не может точно предсказать. или оценить, в том числе: продолжительность и масштабы пандемии; негативное влияние на глобальные и региональные рынки, экономику и экономическую деятельность, включая продолжительность и масштабы его воздействия на уровень безработицы, дискреционные расходы потребителей и уровень доверия потребителей; действия, предпринимаемые правительствами, предприятиями и отдельными лицами в ответ на пандемию; влияние пандемии, включая все вышеперечисленное, на дистрибьюторов, производителей, поставщиков, партнеров по совместным предприятиям, оптовых клиентов и других контрагентов Компании, а также насколько быстро экономика и спрос на продукцию Компании восстанавливаются после стихания пандемии; изменения общих экономических условий, уровня занятости, условий ведения бизнеса, процентных ставок, налоговой политики и других факторов, влияющих на потребительские расходы на рынках и регионах, в которых реализуется продукция Компании; неспособность по какой-либо причине эффективно конкурировать на мировых рынках обуви, одежды и потребительских товаров; неспособность поддерживать положительный образ бренда и предвидеть, понимать и реагировать на меняющиеся тенденции в обуви и одежде и потребительские предпочтения; неспособность эффективно управлять уровнями запасов; увеличение или изменение пошлин, тарифов, квот или применимых сборов в странах импорта и экспорта; колебания обменного курса иностранной валюты; валютные ограничения; цепочки поставок или другие ограничения мощности, перебои в производстве, проблемы с качеством, повышение цен или другие риски, связанные с иностранными поставщиками; стоимость и доступность сырья, запасов, услуг и рабочей силы для контрактных производителей; сбои в работе; изменения в отношениях со значительными оптовыми покупателями, в том числе потеря; риски, связанные со значительными инвестициями и выполнением операций Компании, непосредственно связанных с потребителями; риски, связанные с выходом на новые рынки и дополнительные категории продуктов; влияние сезонности и непредсказуемых погодных условий; изменения общих экономических условий и/или кредитных рынков у дистрибьюторов, поставщиков и розничных продавцов Компании; увеличение эффективных налоговых ставок Компании; невыполнение лицензиатами или дистрибьюторами запланированных годовых объемов продаж или своевременных платежей Компании; риски ведения бизнеса в развивающихся странах и политически или экономически нестабильных регионах; способность обеспечивать и защищать принадлежащую интеллектуальную собственность или использовать лицензированную интеллектуальную собственность; влияние регулирования, нормативных и судебных разбирательств и рисков соблюдения законодательства, включая соблюдение федеральных, государственных и местных законов и нормативных актов, касающихся защиты окружающей среды, восстановления окружающей среды и других связанных с этим расходов, а также судебных или других судебных разбирательств, связанных с защитой. окружающей среды или воздействия окружающей среды на здоровье человека; потенциальное нарушение баз данных Компании или других систем или баз данных ее поставщиков, которые содержат определенную личную информацию, данные платежных карт или конфиденциальную информацию, из-за кибератаки или других подобных событий; проблемы, влияющие на цепочку поставок или систему распределения Компании, включая перебои в обслуживании в портах отгрузки и получения; стратегические действия, включая новые инициативы и предприятия, приобретения и отчуждения, а также успех Компании в интеграции приобретенных предприятий и реализации новых инициатив и предприятий; риск обесценения деловой репутации и других нематериальных активов; изменения в будущих требованиях к пенсионному финансированию и пенсионных расходах; и дополнительные факторы, обсуждаемые в отчетах Компании, поданных в Комиссию по ценным бумагам и биржам, и приложениях к ним. Вышеуказанные Факторы риска, а также другие существующие Факторы риска и новые Факторы риска, возникающие время от времени, могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые содержатся в любых прогнозных заявлениях. Учитывая эти или другие риски и неопределенности, инвесторы не должны чрезмерно полагаться на прогнозные заявления как на предсказание фактических результатов. Кроме того, Компания не берет на себя никаких обязательств по обновлению, изменению или уточнению прогнозных заявлений.
Wolverine World Wide, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except earnings per share) |
|||||||||||||||
|
Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
January 1,
|
|
January 2,
|
|
January 1,
|
|
January 2,
|
||||||||
Revenue |
$ |
635.6 |
|
|
$ |
509.6 |
|
|
$ |
2,414.9 |
|
|
$ |
1,791.1 |
|
Cost of goods sold |
|
373.2 |
|
|
|
305.0 |
|
|
|
1,385.0 |
|
|
|
1,055.5 |
|
Gross profit |
|
262.4 |
|
|
|
204.6 |
|
|
|
1,029.9 |
|
|
|
735.6 |
|
Gross margin |
|
41.3 |
% |
|
|
40.1 |
% |
|
|
42.6 |
% |
|
|
41.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
226.6 |
|
|
|
182.2 |
|
|
|
817.8 |
|
|
|
639.4 |
|
Impairment of intangible assets |
|
— |
|
|
|
222.2 |
|
|
|
— |
|
|
|
222.2 |
|
Environmental and other related costs, net of recoveries |
|
44.5 |
|
|
|
4.3 |
|
|
|
56.4 |
|
|
|
11.1 |
|
Operating expenses |
|
271.1 |
|
|
|
408.7 |
|
|
|
874.2 |
|
|
|
872.7 |
|
Operating expenses as a % of revenue |
|
42.7 |
% |
|
|
80.2 |
% |
|
|
36.2 |
% |
|
|
48.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating profit (loss), net |
|
(8.7 |
) |
|
|
(204.1 |
) |
|
|
155.7 |
|
|
|
(137.1 |
) |
Operating margin |
|
(1.4 |
) % |
|
|
(40.1 |
) % |
|
|
6.4 |
% |
|
|
(7.7 |
) % |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
8.5 |
|
|
|
12.5 |
|
|
|
37.4 |
|
|
|
43.6 |
|
Debt extinguishment and other costs |
|
0.3 |
|
|
|
5.3 |
|
|
|
34.3 |
|
|
|
5.5 |
|
Other expense (income), net |
|
1.2 |
|
|
|
0.8 |
|
|
|
3.7 |
|
|
|
(2.1 |
) |
Total other expenses |
|
10.0 |
|
|
|
18.6 |
|
|
|
75.4 |
|
|
|
47.0 |
|
Earnings (loss) before income taxes |
|
(18.7 |
) |
|
|
(222.7 |
) |
|
|
80.3 |
|
|
|
(184.1 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
(3.7 |
) |
|
|
(51.5 |
) |
|
|
13.3 |
|
|
|
(45.5 |
) |
Effective tax rate |
|
19.5 |
% |
|
|
23.1 |
% |
|
|
16.6 |
% |
|
|
24.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) |
|
(15.0 |
) |
|
|
(171.2 |
) |
|
|
67.0 |
|
|
|
(138.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Less: net loss attributable to noncontrolling interests |
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(1.6 |
) |
|
|
(1.7 |
) |
Net earnings (loss) attributable to Wolverine World Wide, Inc. |
$ |
(14.6 |
) |
|
$ |
(170.7 |
) |
|
$ |
68.6 |
|
|
$ |
(136.9 |
) |
Diluted earnings (loss) per share |
$ |
(0.18 |
) |
|
$ |
(2.10 |
) |
|
$ |
0.81 |
|
|
$ |
(1.70 |
) |
|
|
|
|
|
|
|
|
||||||||
Supplemental information: |
|
|
|
|
|
|
|
||||||||
Net earnings (loss) used to calculate diluted earnings (loss) per share |
$ |
(14.7 |
) |
|
$ |
(170.9 |
) |
|
$ |
67.5 |
|
|
$ |
(137.7 |
) |
Shares used to calculate diluted earnings (loss) per share |
|
82.3 |
|
|
|
81.2 |
|
|
|
83.3 |
|
|
|
81.0 |
|
Wolverine World Wide, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) |
|||||
|
January 1,
|
|
January 2,
|
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
161.7 |
|
$ |
347.4 |
Accounts receivables, net |
|
319.6 |
|
|
268.3 |
Inventories, net |
|
365.5 |
|
|
243.1 |
Other current assets |
|
56.9 |
|
|
45.4 |
Total current assets |
|
903.7 |
|
|
904.2 |
Property, plant and equipment, net |
|
129.0 |
|
|
124.6 |
Lease right-of-use assets |
|
138.2 |
|
|
142.5 |
Goodwill and other indefinite-lived intangibles |
|
1,274.7 |
|
|
824.7 |
Other noncurrent assets |
|
140.8 |
|
|
141.4 |
Total assets |
$ |
2,586.4 |
|
$ |
2,137.4 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||
Accounts payable and other accrued liabilities |
$ |
486.3 |
|
$ |
362.0 |
Lease liabilities |
|
38.3 |
|
|
34.0 |
Current maturities of long-term debt |
|
10.0 |
|
|
10.0 |
Borrowings under revolving credit agreements |
|
225.0 |
|
|
— |
Total current liabilities |
|
759.6 |
|
|
406.0 |
Long-term debt |
|
731.8 |
|
|
712.5 |
Lease liabilities, noncurrent |
|
118.2 |
|
|
130.3 |
Other noncurrent liabilities |
|
332.4 |
|
|
315.6 |
Stockholders' equity |
|
644.4 |
|
|
573.0 |
Total liabilities and stockholders' equity |
$ |
2,586.4 |
|
$ |
2,137.4 |
Wolverine World Wide, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
|||||||
|
Fiscal Year Ended |
||||||
|
January 1,
|
|
January 2,
|
||||
OPERATING ACTIVITIES: |
|
|
|
||||
Net earnings (loss) |
$ |
67.0 |
|
|
$ |
(138.6 |
) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
33.2 |
|
|
|
32.8 |
|
Deferred income taxes |
|
(14.7 |
) |
|
|
(56.9 |
) |
Stock-based compensation expense |
|
38.1 |
|
|
|
28.9 |
|
Pension and SERP expense |
|
14.0 |
|
|
|
8.5 |
|
Debt extinguishment and other costs |
|
5.8 |
|
|
|
5.5 |
|
Impairment of intangible assets |
|
— |
|
|
|
222.2 |
|
Environmental and other related costs, net of cash payments and recoveries received |
|
33.7 |
|
|
|
31.5 |
|
Other |
|
(1.9 |
) |
|
|
(12.7 |
) |
Changes in operating assets and liabilities |
|
(88.4 |
) |
|
|
187.9 |
|
Net cash provided by operating activities |
|
86.8 |
|
|
|
309.1 |
|
|
|
|
|
||||
INVESTING ACTIVITIES: |
|
|
|
||||
Business acquisition, net of cash acquired |
|
(417.4 |
) |
|
|
(5.5 |
) |
Additions to property, plant and equipment |
|
(17.6 |
) |
|
|
(10.3 |
) |
Investment in joint ventures |
|
— |
|
|
|
(3.5 |
) |
Proceeds from company-owned insurance policy liquidations |
|
— |
|
|
|
26.8 |
|
Other |
|
(2.3 |
) |
|
|
(1.4 |
) |
Net cash provided by (used in) investing activities |
|
(437.3 |
) |
|
|
6.1 |
|
|
|
|
|
||||
FINANCING ACTIVITIES: |
|
|
|
||||
Payments under revolving credit agreements |
|
(435.0 |
) |
|
|
(898.0 |
) |
Borrowings under revolving credit agreements |
|
660.0 |
|
|
|
538.0 |
|
Borrowings of long-term debt |
|
750.0 |
|
|
|
471.0 |
|
Payments on long-term debt |
|
(730.0 |
) |
|
|
(183.5 |
) |
Payments of debt issuance and debt extinguishment costs |
|
(10.4 |
) |
|
|
(6.4 |
) |
Termination of interest rate swap |
|
— |
|
|
|
(7.3 |
) |
Cash dividends paid |
|
(33.5 |
) |
|
|
(33.6 |
) |
Purchase of common stock for treasury |
|
(39.6 |
) |
|
|
(21.0 |
) |
Employee taxes paid under stock-based compensation plans |
|
(14.1 |
) |
|
|
(24.8 |
) |
Proceeds from the exercise of stock options |
|
17.1 |
|
|
|
9.8 |
|
Contributions from noncontrolling interests |
|
4.8 |
|
|
|
1.8 |
|
Net cash provided by (used in) financing activities |
|
169.3 |
|
|
|
(154.0 |
) |
|
|
|
|
||||
Effect of foreign exchange rate changes |
|
(4.5 |
) |
|
|
5.6 |
|
Increase (decrease) in cash and cash equivalents |
|
(185.7 |
) |
|
|
166.8 |
|
|
|
|
|
||||
Cash and cash equivalents at beginning of the year |
|
347.4 |
|
|
|
180.6 |
|
Cash and cash equivalents at end of the year |
$ |
161.7 |
|
|
$ |
347.4 |
|
В следующих таблицах содержится информация о финансовых показателях non-GAAP, используемых Компанией при представлении финансовых результатов:
Wolverine World Wide, INC. |
||||||||||||||||||
Q4 2021 RECONCILIATION TABLES |
||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis
|
|
Foreign
|
|
Constant
|
|
GAAP Basis
|
|
Constant
|
|
Reported
|
|||||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wolverine Michigan Group |
$ |
322.0 |
|
$ |
(0.1 |
) |
|
$ |
321.9 |
|
$ |
298.5 |
|
7.8 |
% |
|
7.9 |
% |
Wolverine Boston Group |
|
218.1 |
|
|
(0.4 |
) |
|
|
217.7 |
|
|
197.6 |
|
10.2 |
% |
|
10.4 |
% |
Other |
|
95.5 |
|
|
— |
|
|
|
95.5 |
|
|
13.5 |
|
607.4 |
% |
|
607.4 |
% |
Total |
$ |
635.6 |
|
$ |
(0.5 |
) |
|
$ |
635.1 |
|
$ |
509.6 |
|
24.6 |
% |
|
24.7 |
% |
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED ORGANIC REVENUE* (Unaudited) (In millions) |
|||||||||
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||||
|
|
|
|
|
|||||
| Revenue - Fiscal 2021 Q4 | $ |
635.6 |
|
$ |
(78.3 |
) |
|
$ |
557.3 |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED eCOMMERCE REVENUE GROWTH TO ADJUSTED ORGANIC eCOMMERCE REVENUE GROWTH* (Unaudited) |
||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||
|
|
|
|
|
|
|||
eCommerce Revenue Growth - Fiscal 2021 Q4 |
58.3 |
% |
|
45.6 |
% |
|
12.7 |
% |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN* AND ADJUSTED ORGANIC GROSS MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2021 Q4 |
$ |
262.4 |
|
|
$ |
11.0 |
|
$ |
273.4 |
|
|
$ |
(42.0 |
) |
|
$ |
231.4 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
41.3 |
% |
|
|
|
|
43.0 |
% |
|
|
|
|
41.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2020 Q4 |
$ |
204.6 |
|
|
$ |
6.3 |
|
$ |
210.9 |
|
|
$ |
— |
|
|
$ |
210.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
40.1 |
% |
|
|
|
|
41.4 |
% |
|
|
|
|
41.4 |
% |
|||
(1) |
Q4 2021 adjustments reflect $4.1 million of air freight and other charges related to production and shipping delays caused by the COVID-19 pandemic and $6.9 million of costs associated with the acquisition of Sweaty Betty®. Q4 2020 adjustments reflect expenses related to the COVID-19 pandemic including $3.2 million of inventory charges and $3.1 million of air freight charges related to production delays. |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Adjustment (1) |
|
As Adjusted |
||||
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2021 Q4 |
$ |
271.1 |
|
$ |
(46.8 |
) |
|
$ |
224.3 |
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2020 Q4 |
$ |
408.7 |
|
$ |
(231.3 |
) |
|
$ |
177.4 |
|
|
|
|
|
|
||||
Selling, general and administrative expenses - Fiscal 2019 Q4 |
$ |
235.1 |
|
$ |
(66.5 |
) |
|
$ |
168.6 |
(1) |
Q4 2021 adjustments reflect $44.4 million of environmental and other related costs net of recoveries and $2.4 million of costs associated with the acquisition of Sweaty Betty®. Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $4.8 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs and $0.5 million of other related costs, and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and related costs net of a settlement and $2.1 million of costs related to business development and reorganization costs. |
RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* AND ADJUSTED ORGANIC OPERATING MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2021 Q4 |
$ |
(8.7 |
) |
|
$ |
57.8 |
|
$ |
49.1 |
|
|
$ |
(9.3 |
) |
|
$ |
39.8 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(1.4 |
) % |
|
|
|
|
7.7 |
% |
|
|
|
|
7.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2020 Q4 |
$ |
(204.1 |
) |
|
$ |
237.6 |
|
$ |
33.5 |
|
|
$ |
— |
|
|
$ |
33.5 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(40.1 |
) % |
|
|
|
|
6.6 |
% |
|
|
|
|
6.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2019 Q4 |
$ |
(5.2 |
) |
|
$ |
66.5 |
|
$ |
61.3 |
|
|
$ |
— |
|
|
$ |
61.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(0.9 |
) % |
|
|
|
|
10.1 |
% |
|
|
|
|
10.1 |
% |
|||
(1) |
Q4 2021 adjustments reflect $44.4 million of environmental and other related costs net of recoveries, $9.3 million of costs associated with the acquisition of Sweaty Betty® and $4.1 million of air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic. Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $11.1 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs, $3.2 million of inventory charges, $3.1 million of air freight charges related to production delays and $0.5 million of other related costs and $4.3 million of environmental and other related costs net of recoveries, Q4 2019 adjustments reflect $64.4 million of environmental and related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED INVENTORY TO ADJUSTED ORGANIC INVENTORY* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
||||
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2021 Q4 |
$ |
365.5 |
|
$ |
(47.1 |
) |
|
$ |
318.4 |
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2020 Q4 |
$ |
243.1 |
|
$ |
— |
|
|
$ |
243.1 |
|
|
|
|
|
|
||||
Inventories, net - Fiscal 2019 Q4 |
$ |
348.2 |
|
$ |
— |
|
|
$ |
348.2 |
(1) |
Q4 2021 adjustment reflects the Sweaty Betty® inventories included in the consolidated condensed balance sheet. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Foreign
|
|
As Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 Q4 |
$ |
(0.18 |
) |
|
$ |
0.59 |
|
$ |
0.41 |
|
$ |
(0.02 |
) |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 Q4 |
$ |
(2.10 |
) |
|
$ |
2.31 |
|
$ |
0.21 |
|
|
|
|
|||
(1) |
Q4 2021 adjustments reflect costs associated with the acquisition of Sweaty Betty®, air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic, non-cash impairment related to one of the Company's joint ventures and environmental and other related costs net of recoveries. Q4 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS AND ADJUSTED ORGANIC DILUTED EPS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 Q4 |
$ |
(0.18 |
) |
|
$ |
0.59 |
|
$ |
0.41 |
|
$ |
(0.10 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 Q4 |
$ |
(2.10 |
) |
|
$ |
2.31 |
|
$ |
0.21 |
|
$ |
— |
|
|
$ |
0.21 |
(1) |
Q4 2021 adjustments reflect costs associated with the acquisition of Sweaty Betty®, air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic, non-cash impairment related to one of the Company's joint ventures and environmental and other related costs net of recoveries. Q4 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries |
|
(2) |
Q4 2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
2021 FULL-YEAR RECONCILIATION TABLES |
||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis
|
|
Foreign
|
|
Constant
|
|
GAAP Basis
|
|
Constant
|
|
Reported
|
|||||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wolverine Michigan Group |
$ |
1,298.9 |
|
|
(14.4 |
) |
|
$ |
1,284.5 |
|
$ |
1,051.0 |
|
22.2 |
% |
|
23.6 |
% |
Wolverine Boston Group |
|
935.8 |
|
|
(10.9 |
) |
|
|
924.9 |
|
|
696.0 |
|
32.9 |
|
|
34.5 |
|
Other |
|
180.2 |
|
|
— |
|
|
|
180.2 |
|
|
44.1 |
|
308.6 |
|
|
308.6 |
|
Total |
$ |
2,414.9 |
|
$ |
(25.3 |
) |
|
$ |
2,389.6 |
|
$ |
1,791.1 |
|
33.4 |
% |
|
34.8 |
% |
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED ORGANIC REVENUE* (Unaudited) (In millions) |
|||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
||||
|
|
|
|
|
|
||||
Revenue - Fiscal 2021 |
$ |
2,414.9 |
|
$ |
(117.4 |
) |
|
$ |
2,297.5 |
(1) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED eCOMMERCE REVENUE GROWTH TO ADJUSTED ORGANIC eCOMMERCE REVENUE GROWTH* (Unaudited) |
||||||||
|
GAAP Basis |
|
Sweaty Betty (1) |
|
Organic Basis |
|||
|
|
|
|
|
|
|||
eCommerce Revenue Growth - Fiscal 2021 |
39.7 |
% |
|
21.4 |
% |
|
18.3 |
% |
(1) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2021 |
$ |
1,029.9 |
|
|
$ |
35.2 |
|
$ |
1,065.1 |
|
|
$ |
(67.8 |
) |
|
$ |
997.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
42.6 |
% |
|
|
|
|
44.1 |
% |
|
|
|
|
43.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2020 |
$ |
735.6 |
|
|
$ |
8.3 |
|
$ |
743.9 |
|
|
$ |
— |
|
|
$ |
743.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
41.1 |
% |
|
|
|
|
41.5 |
% |
|
|
|
|
41.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit - Fiscal 2019 |
$ |
923.8 |
|
|
$ |
0.5 |
|
$ |
924.3 |
|
|
$ |
— |
|
|
$ |
924.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
|
40.6 |
% |
|
|
|
|
40.6 |
% |
|
|
|
|
40.6 |
% |
|||
(1) |
2021 adjustments reflect $26.1 million of air freight and other charges related to production and shipping delays caused by the COVID-19 pandemic and $9.1 million of costs associated with the acquisition of Sweaty Betty®. 2020 adjustments reflect expenses related to the COVID-19 pandemic including $4.4 million of inventory charges and $3.9 million of air freight charges related to production delays. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions) |
||||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit (Loss) - Fiscal 2021 |
$ |
155.7 |
|
|
$ |
101.2 |
|
$ |
256.9 |
|
|
$ |
(11.2 |
) |
|
$ |
245.7 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
6.4 |
% |
|
|
|
|
10.6 |
% |
|
|
|
|
10.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit (Loss) - Fiscal 2020 |
$ |
(137.1 |
) |
|
$ |
271.0 |
|
$ |
133.9 |
|
|
$ |
— |
|
|
$ |
133.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
(7.7 |
) % |
|
|
|
|
7.5 |
% |
|
|
|
|
7.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Profit - Fiscal 2019 |
$ |
171.0 |
|
|
$ |
91.6 |
|
$ |
262.6 |
|
|
$ |
— |
|
|
$ |
262.6 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
7.5 |
% |
|
|
|
|
11.5 |
% |
|
|
|
|
11.5 |
% |
|||
(1) |
2021 adjustments reflect $56.4 million of environmental and other related costs net of recoveries, $26.1 million of air freight charges and other costs related to production and shipping delays caused by the COVID-19 pandemic and $18.7 million of costs associated with the acquisition of Sweaty Betty®. 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry® trade name, $37.7 million of expenses related to the COVID-19 pandemic including $10.9 million of severance expenses, $8.5 million of credit loss expenses, $4.9 million of inventory charges, $3.9 million of air freight charges related to production delays, $3.6 million of facility exit costs and $5.9 million of other costs, and $11.1 million of environmental and other related costs net of recoveries. 2019 adjustments reflect $83.5 million of environmental and other related costs net of a settlement and $8.1 million of other costs including business development costs and reorganization costs. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Foreign
|
|
As Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 |
$ |
0.81 |
|
|
$ |
1.28 |
|
$ |
2.09 |
|
$ |
(0.04 |
) |
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 |
$ |
(1.70 |
) |
|
$ |
2.63 |
|
$ |
0.93 |
|
|
|
|
|||
(1) |
2021 adjustments reflect debt extinguishment costs, costs associated with the acquisition of Sweaty Betty®, air freight and other costs related to production and shipping delays caused by the COVID-19 pandemic, environmental and other related costs net of recoveries and non-cash impairment related to one of the Company's joint ventures. 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. |
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS AND ADJUSTED ORGANIC DILUTED EPS* (Unaudited) |
||||||||||||||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
Sweaty Betty (2) |
|
Organic Basis |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2021 |
$ |
0.81 |
|
|
$ |
1.28 |
|
$ |
2.09 |
|
$ |
(0.11 |
) |
|
$ |
1.98 |
|
|
|
|
|
|
|
|
|
|
|||||||
EPS - Fiscal 2020 |
$ |
(1.70 |
) |
|
$ |
2.63 |
|
$ |
0.93 |
|
$ |
— |
|
|
$ |
0.93 |
(1) |
2021 adjustments reflect debt extinguishment costs, costs associated with the acquisition of Sweaty Betty®, air freight and other costs related to production and shipping delays caused by the COVID-19 pandemic, environmental and other related costs net of recoveries and non-cash impairment related to one of the Company's joint ventures. 2020 adjustments reflect a non-cash impairment of the Sperry® trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. |
|
(2) |
2021 adjustment reflects the Sweaty Betty® results included in the consolidated condensed statement of operations. |
2022 GUIDANCE RECONCILIATION TABLES |
|||||
RECONCILIATION OF REPORTED OPERATING MARGIN GUIDANCE TO ADJUSTED OPERATING MARGIN GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share) |
|||||
|
GAAP Basis |
|
Adjustments (1) |
|
As Adjusted |
|
|
|
|
|
|
Operating Margin - Fiscal 2022 Full Year |
10.2 % |
|
0.8 % |
|
11.0 % |
|
|
|
|
|
|
Dilutive EPS - Fiscal 2022 Full Year |
$ 2.30 - $2.45 |
|
$ 0.20 |
|
$ 2.50 - $2.65 |
|
|
|
|
|
|
Fiscal 2022 Full Year Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$193 - $206 |
|
$ 16.0 |
|
$209 - $222 |
|
|
|
|
|
|
Net Earnings used to calculate diluted earnings per share |
$190 - $203 |
|
$ 16.0 |
|
$206 - $219 |
|
|
|
|
|
|
Shares used to calculate diluted earnings per share |
82.6 |
|
|
|
82.6 |
(1) |
2022 adjustments reflect estimated environmental and other related costs net of recoveries and estimated Sweaty Betty® integration costs. |
* В дополнение к консолидированной сокращенной финансовой отчетности, представленной в соответствии с Общепринятыми принципами бухгалтерского учета («GAAP»), Компания описывает, какими были бы определенные финансовые показатели, если бы расходы, связанные с приобретением бренда Sweaty Betty®, экологические и другие связанные расходы за вычетом возмещения, расходы, связанные с пандемией COVID-19, включая расходы на авиаперевозки, расходы на убыток по кредиту, расходы на выходное пособие и другие сопутствующие расходы, расходы на реорганизацию и расходы на погашение долга были исключены. Компания также описывает, какими были бы определенные финансовые показатели, если бы ранее описанные финансовые показатели также исключали результаты Sweaty Betty®. Компания считает, что эти показатели, не относящиеся к GAAP, предоставляют полезную информацию как руководству, так и инвесторам, повышая сопоставимость с предыдущим периодом путем корректировки некоторых статей, которые могут не указывать на основные операционные показатели, и для лучшего выявления тенденций в бизнесе Компании. Скорректированные финансовые результаты используются руководством и позволяют инвесторам оценивать операционную деятельность Компании на сопоставимой основе.
Представление в постоянной валюте, которое не является показателем GAAP, исключает влияние колебаний обменных курсов иностранных валют. Компания считает, что предоставление информации в постоянной валюте дает ценную дополнительную информацию о результатах деятельности, соответствующую тому, как Компания оценивает результаты. Компания рассчитывает постоянную валюту путем конвертации финансовых результатов за текущий период в местной валюте с использованием обменных курсов за предыдущий период и сравнения этих скорректированных сумм с отчетными результатами Компании за текущий период.
Руководство не рассматривает, и инвесторы не должны рассматривать такие финансовые показатели, не относящиеся к GAAP, отдельно от финансовой информации, подготовленной в соответствии с GAAP, или вместо нее. Сверка всех показателей, не относящихся к GAAP, включенных в этот пресс-релиз, с наиболее непосредственно сопоставимыми показателями GAAP можно найти в финансовых таблицах выше.
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